“Can a BNPL-first consumer credit platform become the go-to credit product for Mexico's underbanked population by embedding flexible installment payments into every digital commerce and bill-pay touchpoint?”
Founded by former Uber international growth leads, Nelo launched as a BNPL checkout product for Mexican e-commerce merchants, targeting the underbanked population using CURP and INE for onboarding. The company evolved from a merchant-embedded checkout experience into an all-in-one consumer credit app with utility bill splitting, cash withdrawals, and a Mastercard-powered physical card. The $100M VPC credit facility in 2022 marked a shift toward scaling the consumer lending book, and the subsequent launch of a physical card plus Google Wallet integration positioned Nelo as a broader consumer credit platform rather than a pure BNPL point-of-sale player.
Nelo's cards are issued through Paymentology.
Nelo integrates with Shopify, Magento, PrestaShop and VTEX.
The Embedded Finance Index 2026 maps 3 layers in Nelo's stack: Card issuing (Paymentology); Lending (BNPL installment loans, Utility bill installment financing, Cash advance / cash withdrawals and Mobile top-up installment financing); Accounting (Shopify, Magento, PrestaShop and VTEX).
Nelo was founded by Kyle Miller and is founded in 2020, headquartered in Mexico City, Mexico.
Nelo has raised $120M+ in total (latest round: Credit Facility, 2022).
Get a read on where your own stack stands against Nelo and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.